CITY OF CONCORD JUNE 30, 2015 REQUIRED SUPPLEMENTARY INFORMATION
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2 SCHEDULE OF FUNDING PROGRESS The tables below shows a three-year analysis of the actuarial value of assets as a percentage of the actuarial accrued liability and the unfunded actuarial liability as a percentage of the annual covered payroll for the City's OPEB plan as of the valuation dates. City of Concord Retiree Healthcare Plan Unfunded Entry Age Unfunded Actuarial Actuarial Actuarial Actuarial Liability as Actuarial Value Accrued Accrued Funded Covered Percentages of Valuation of Assets Liability Liability Ratio Payroll Covered Payroll Date (A) (B) (B-A) (A/B) (C) [(B-A)/C] June 30, 2011 $ 18,332,000 $ 53,678,000 $ 35,346, % $ 33,358, % June 30, ,655,000 62,217,000 43,562, % 32,192, % June 30, 22,092,000 73,467,000 51,375, % 32,192, % 92
3 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS CalPERS - Miscellaneous Plan Total pension liability Service cost $ 2,890,989 Interest 13,096,282 Benefit payments, including refunds of employee contributions (9,206,786) Net change in total pension liability 6,780,485 Total pension liability -- beginning 177,774,980 Total pension liability -- ending (a) $ 184,555,465 Plan fiduciary net position Contributions - employer $ 4,399,819 Contributions - employee 1,342,831 Net investment income 19,760,541 Benefit payments, including refunds of employee contributions (9,206,786) Net change in fiduciary net position 16,296,405 Plan fiduciary net position -- beginning 115,328,525 Plan fiduciary net position -- ending (b) $ 131,624,930 Net pension liability -- ending (a) - (b) $ 52,930,535 Plan fiduciary net position as a percentage of the total pension liability 71.32% Covered-employee payroll $ 16,164,320 Net pension liability as a percentage of covered-employee payroll % Measurement Date June 30,
4 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS CalPERS - Safety Plan Total pension liability Service cost $ 4,891,960 Interest 14,566,113 Benefit payments, including refunds of employee contributions (7,354,430) Net change in total pension liability 12,103,643 Total pension liability -- beginning 195,446,083 Total pension liability -- ending (a) $ 207,549,726 Plan fiduciary net position Contributions - employer $ 5,732,219 Contributions - employee 1,679,332 Net investment income 21,758,280 Benefit payments, including refunds of employee contributions (7,354,430) Net change in fiduciary net position 21,815,401 Plan fiduciary net position -- beginning 124,432,457 Plan fiduciary net position -- ending (b) $ 146,247,858 Net pension liability -- ending (a) - (b) $ 61,301,868 Plan fiduciary net position as a percentage of the total pension liability 70.46% Covered-employee payroll $ 17,182,858 Net pension liability as a percentage of covered-employee payroll % Measurement Date June 30, 2014 * - Fiscal year was the first year of implementation, therefore, only one year is shown. 94
5 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS City of Concord Retirement System Plan (CCRS) 2014 Total pension liability Service cost $ - $ - Interest 3,879,000 3,769,962 Changes in assumptions - 3,337,481 Differences between projected and actual earnings on plan investments - 1,483,884 Changes in benefits - - Benefit payments, including refunds of employee contributions (5,516,000) (5,525,159) Net change in total pension liability (1,637,000) 3,066,168 Total pension liability -- beginning 62,399,000 60,762,000 Total pension liability -- ending (a) $ 60,762,000 $ 63,828,168 Plan fiduciary net position Contributions - employer $ 1,971,829 $ 2,035,017 Contributions - employee - - Net investment income 3,423, ,187 Differences between projected and actual earnings on plan investments Benefit payments, including refunds of employee contributions (5,516,398) (5,525,159) Administrative expenses (193,523) (208,204) Net change in fiduciary net position (314,948) (2,923,159) Plan fiduciary net position -- beginning 37,640,518 37,325,569 Plan fiduciary net position -- ending (b) $ 37,325,570 $ 34,402,410 Net pension liability -- ending (a) - (b) $ 23,436,430 $ 29,425,758 Plan fiduciary net position as a percentage of the total pension liability 61.43% 53.90% Covered-employee payroll [1] [1] Net pension liability as a percentage of covered-employee payroll N/A N/A Measurement period June 30, June 30, 2014 June 30, [1] Plan was closed in Notes to Schedules * - Fiscal year was the first year of implementation of GASB 68 and fiscal year 2014 was the first year of implementation of GASB 67, therefore, only two years is shown. 95
6 SCHEDULE OF CITY CONTRIBUTIONS CalPERS - Miscellaneous Plan Actuarially determined contributions $ 4,837,588 Contributions in relation to the actuarially determined contribution 4,837,588 Contribution deficiency (excess) $ - Covered-employee payroll $ 17,321,232 Contributions as a percentage of covered-employee payroll 27.93% CalPERS - Safety Plan Actuarially determined contributions $ 5,993,839 Contributions in relation to the actuarially determined contribution 5,993,839 Contribution deficiency (excess) $ - Covered-employee payroll $ 18,298,800 Contributions as a percentage of covered-employee payroll 32.76% Notes to Schedule Valuation date: 6/30/2012 Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Asset valuation method Inflation Salary Increase Investment Rate of Return Retirement age and mortality: Entry age normal Level percentage of payroll, closed Actuarial value of assets 2.75%, net of pension plan investment expense Varies by entry age and service 7.50%, net of pension plan investment expense, including inflation The probabilities of retirement and mortality are based on 2010 CalPERS experience study for the period from 1997 to Pre-retirement mortality rates include 5 years of projected mortality improvement using Scale AA published by the Society of Actuaries. 96
7 SCHEDULE OF CITY CONTRIBUTIONS 2014 CCRS Plan CCRS Plan Actuarially determined contributions $ 2,478,000 $ 2,045,000 Contributions in relation to the actuarially determined contribution 2,035,017 1,971,829 Contribution deficiency (excess) $ 442,983 $ 73,171 Covered-employee payroll [1] [1] Contributions as a percentage of covered-employee payroll N/A N/A Valuation date: 6/30/2014 6/30/2012 Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Amortization period Asset valuation method All other [1] Plan was closed in Entry age normal Level dollar 21 year closed period Market value of assets Same as used in determining the total pension liability 97
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